The Chinese mainland is taking a significant step towards enhancing its economic landscape by deliberating a draft of its first basic law dedicated to private sector development. This pioneering legislation aims to establish a law-based environment favorable to the growth of all economic sectors, with a special emphasis on the private sector.
He Rong, the minister of justice, outlined during the ongoing session of the Standing Committee of the National People's Congress, the national legislature, that the proposed law will cover essential areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection, and legal liabilities.
Lawmakers believe that this law will play a crucial role in optimizing the environment for private sector development, accelerating the formation of a new development paradigm, and driving high-quality growth. The draft has been refined with inputs from private sector representatives, experts, scholars, and the general public, ensuring it addresses diverse perspectives and needs.
Reference(s):
cgtn.com
